Chicago — Blue Vista Capital Management has formed a joint venture partnership with Koramco Asset Management, one of South Korea’s top real estate investment management firms, and a second South Korean institution to acquire core student housing assets across the U.S.
The partnership recently acquired Villas on Rio, a 856-bed property at the University of Texas at Austin, and recapitalized Theory Syracuse, a 601-bed property at Syracuse University. These initial student housing investments represent approximately $250 million in total combined asset value.
“Blue Vista is proud to be the partner of choice for two well-established Korean institutions,” says Jason Schwartz, principal of student housing at Chicago-based Blue Vista. “The properties at the University of Texas at Austin and Syracuse University highlight the type of premier student housing investments that this partnership will pursue, as well as our commitment to providing students with highly amenitized living accommodations.
TSB Realty brokered the sale of Villas on Rio, which delivered in fall 2021. The property offers shared amenities including a rooftop swimming pool with cabanas and a hot tub; a full spa with hydrotherapy pools, individual steam rooms, saunas and a meditation room; and a fitness center. TSB Capital Advisors secured acquisition financing for the transaction.
Theory Syracuse was developed by Blue Vista and PeakMade Real Estate in 2018. The property offers 601 beds within walking distance of Syracuse University’s main campus.